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The US
2020 Major US Store Closures and Openings Year to date in 2020, US retailers have announced 8,401 planned store closures and 3,399 openings. Our data represent closures and openings by calendar year, so these totals include announcements made in 2019 of closures and openings expected to fall in 2020. This week saw an update from Abercrombie & Fitch, and we updated our closure count for G-Star Raw, which increased the 2020 US closures count. The chart below depicts the week-by-week totals of US store closures and openings year-to-date in 2020. US Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=138]Coresight Research periodically updates the count for openings and closures when there are new updates or revisions to previous announcements from companies and this could involve retrospective revisions of totals for some weeks. Source: Company reports/Coresight Research
What Is Happening This Week in the US
Dick’s Sporting Goods To Open Two Stores in 2021 Sporting goods retailer Dick’s Sporting Goods plans to launch its “Public Lands” store in 2021, which features a new outdoors theme and concept store design. The retailer plans to open one of these concept stores in both Pittsburgh and Columbus, Ohio in the second half of 2021. Tailored Brands Emerges from Bankruptcy Apparel retailer Tailored Brands announced that it has exited bankruptcy following a financial restructuring within the organization. The retailer had filed for bankruptcy in August. The company also announced in July that it had selected up to 500 stores for permanent closure but did not provide an update to this in its latest announcement. As such, we have not updated these proposed closures in our closures chart, and they remain in our table of uncharted closures.Quarterly Store Openings/Closures Settlements
Abercrombie & Fitch Opens Three Stores Apparel retailer Abercrombie & Fitch reported that it opened three stores (two Abercrombie and one Hollister) and closed one store (a Hollister store) in its third quarter, ended October 31, 2020. The company operates 386 Hollister stores and 255 Abercrombie stores, as of October 31, 2020. The openings for Abercrombie & Fitch and Hollister have already been tracked in our chart.Non-Store-Closure News
Sycamore Buys Ann Taylor and Other Ascena Retail Group Brands for $540 Million Private equity firm Sycamore Partners has acquired the Ann Taylor, Lane Bryant, LOFT and Lou & Grey brands from parent company Ascena Retail Group for $540 million. Ascena Retail filed for bankruptcy in July 2020 and subsequently sold off its Justice tween brand and its Catherines brand and announced the closure of 1,156 stores this year across its brands. Sycamore’s portfolio is predominantly made up of retailers, many of which it acquired out of bankruptcy, including department store Belk, Hot Topic, The Limited, Staples, Talbots and Torrid, among other retailers. J.Crew CEO Resigns Apparel retailer J.Crew Group has announced that Jan Singer, CEO of its eponymous brand, has resigned and that Libby Wadle will take over as the new CEO, in addition to her current role as President and CEO of Madewell. Wadle joined the retailer in 2004 as Vice President of J.Crew Factory. [caption id="attachment_120235" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for Bed Bath & Beyond, Foot Locker, Gap, GNC, H&M, Heritage Brands, JCPenney, Kmart, Sears and Signet Jewelers among others. Estimates for Abercrombie & Fitch, American Eagle, Foot Locker, GameStop, GNC, G-III Apparel, Hollister and H&M are based on the existing proportion of stores in the US. Aerie, Banana Republic, Bed Bath & Beyond, Build-A-Bear, Chico’s, Gap, Genesco, Intermix, Michaels, Old Navy, Signet Jewelers, Tapestry and Williams-Sonoma closures pertain to North America closures. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. Foot Locker includes the Foot Locker, Lady Foot Locker, Champs Sports, Foot Action and SIX:O2 banners. Lululemon closures pertain to its Ivivva banner. Macy’s includes Macy’s and Bloomingdale’s banners. Papyrus includes American Greetings, Carlton Cards, Paper Destiny and Papyrus banners. Signet Jewelers includes Kay, Zales, Peoples, Jared and regional banners. Stage Stores includes Bealls, Goody’s, Palais Royal, Peebles and Stage banners. Ascena Retail includes Justice, Catherines, Ann Taylor, Lane Bryant, LOFT and Lou & Grey. Victoria’s Secret includes PINK and Victoria’s Secret banners.*Total includes a small number of retailers that each announced fewer than 12 store closures and are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_120236" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for Abercrombie & Fitch, Aldi, Casey’s, Dollar General, Foot Locker, Gap, Hollister and H&M among others. Estimates for Abercrombie & Fitch, American Eagle, Foot Locker, Hollister, Home Depot and Levi’s are based on the existing proportion of stores in the US. Aerie, Athleta, Bed Bath & Beyond, Genesco, GNC, Michaels, Old Navy, Sephora, Tapestry, Under Armour and Urban Outfitters openings refer to North America openings. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. Amazon includes Amazon 4-Star and Amazon Go Grocery banners. Foot Locker includes the Foot Locker, Lady Foot Locker, Champs Sports, Foot Action and SIX:O2 banners. Hibbett Sports includes Hibbett and City Gear banners. Signet Jewelers includes Jared, Kay, Peoples, Zales and regional banners. TJX includes HomeGoods, Homesense, Marshalls, Sierra and T.J. Maxx banners. Beauty Systems Group, a subsidiary of Sally Beauty Holdings, is charted under the parent banner. *Total includes a small number of retailers that each announced fewer than five store openings and are not included in the chart.
Source: Company reports/Coresight Research[/caption] 2020 Major US Uncharted Openings and Closures The table below details announced openings and closures not included in our totals, as the companies did not provide detail on timing or location. [wpdatatable id=596]
Source: Company reports/Coresight Research
[caption id="attachment_120238" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this for some retailers, including Abercrombie & Fitch, Athleta, Ascena Retail, Chico’s, Gap, Hibbett Sports, Old Navy, Pier 1 Imports, Tuesday Morning and Walgreens. Our closure estimates for Burberry and GIII-Apparel are based on the proportion of existing stores in the US. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. CVS includes retail drugstores, onsite pharmacy stores, specialty stores and pharmacies within Target stores. Dick’s Sporting Goods includes Dick’s Sporting Goods and specialty concept banners. Foot Locker includes Foot Locker, Lady Foot Locker, Kids Foot Locker, Champ Sports, Footaction, Intermix and SIX:02 banners. Lululemon includes Lululemon and Ivivva banners. Signet Jewelers includes Jared, Kay, Peoples, Zales and regional banners. Tailored Brands includes Men’s Wearhouse, Men’s Wearhouse and Tux, Jos. A. Bank and K&G banners. Tapestry includes Coach, Kate Spade and Stuart Weitzman. Banana Republic, Bed Bath & Beyond, Foot Locker, Gap, Genesco, GNC, Michaels, Old Navy, Ralph Lauren, Signet Jewelers, Tapestry and Williams-Sonoma closures pertain to North America. RTW Retailwinds includes New York & Company and Fashion to Figure banners.*Total includes a small number of retailers that each announced fewer than 20 store closures and are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_120239" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for some retailers, including Aldi, Costco, Dollar Tree, Five Below and Family Dollar. Estimates of store openings for Gap, Levi’s and are based on the proportion of existing stores in the US. Estimates of store openings for H&M, Lululemon Athletica and TJX are based on net new stores in the US. Ahold Delhaize includes Food Lion, Hannaford, Stop & Shop and The Giant Company banners. Amazon includes Amazon Go, Amazon Books and Amazon 4-Star stores. CVS includes retail drugstores, onsite pharmacy stores, specialty stores and pharmacies within Target stores. Dick’s Sporting Goods includes Dick’s Sporting Goods and specialty concept banners. Foot Locker includes Foot Locker, Lady Foot Locker, Kids Foot Locker, Champ Sports, Footaction and SIX:02 banners. Macy’s includes Bloomingdale’s and Bluemercury banners. Signet Jewelers includes Jared, Kay, Peoples, Zales and regional banners. Tailored Brands includes Men’s Wearhouse. Tapestry includes Coach, Kate Spade and Stuart Weitzman. TJX includes T.J. Maxx, Marshalls, HomeGoods, Sierra and HomeSense. Athleta, Banana Republic, Bed Bath & Beyond, Casper Sleep, Dufry AG, Foot Locker, Gap, Genesco, GNC, Michaels, Old Navy, Ralph Lauren, Signet Jewelers, Tapestry, Tempur Sealy and Williams-Sonoma openings refer to North America openings. RTW Retailwinds includes the New York & Company and Fashion to Figure banners.*Total includes a small number of retailers that each announced fewer than 15 store openings and are not included in the chart.
**Indochino openings refer to North America total openings, excluding one opening announced for the greater Toronto area.
Source: Company reports/Coresight Research[/caption] 2020 Major US Retail Bankruptcies [wpdatatable id=597]
Revenue figure depicted for Centric Brands is for the nine-month period ended September 30, 2019. *Fairway Market filed for bankruptcy for the second time after entering and exiting bankruptcy in 2016; True Religion Apparel filed for bankruptcy for the second time after entering and exiting bankruptcy in 2017. **J.Crew Group includes J.Crew and Madewell banners; Ascena Retail Group includes Justice, Catherines, Ann Taylor, LOFT, Lane Bryant and Lou & Grey banners; Le Tote includes Lord & Taylor banner; Tailored Brands includes Men’s Wearhouse and Jos. A. Bank, Moores Clothing for Men and K&G banners. N/A – Not Available Source: Company reports/Coresight Research
2019 Major US Retail Bankruptcies [wpdatatable id=598]Revenue figure depicted for Gymboree is for the nine-month period ended November 3, 2018. *A’gaci filed for bankruptcy for the second time after entering and exiting bankruptcy in 2018. N/A – Not Available Source: Company reports/Coresight Research
The UK
2020 Major UK Store Closures and Openings For 2020, major retailers in the UK have announced 2,411 store closures and 534 store openings. Our data represent closures and openings by calendar year. This week, we made an update to the closure count for Bensons for Beds and this has changed our 2020 UK store closures total, while the openings count remains unchanged. The chart below depicts the week-by-week totals of UK store closures and openings year to date in 2020. UK Announced Store Closures and Openings: Week-by-Week Comparison [wpdatachart id=139]Source: Company reports/Coresight Research
What Is Happening This Week in the UK
Debenhams To Wind Down OperationsAdministrators for Debenhams have announced that the company will begin to wind down its UK business, while searching for buyers for all or parts of the business. This follows the recent pullout of sports fashion retailer JD Sports from takeover talks with the department store chain. According to industry speculation, the collapse in takeover discussions is partly attributed to the administration of Arcadia Group, which is the largest operator of concessions in Debenhams stores. Debenhams has 124 stores in the UK and employs over 12,000 people. The department store chain had temporarily closed most of its stores due to the national lockdown in England but began clearance sales once stores were allowed to reopen on December 2. The closures have not been added to the chart as the timeline of the closures is unclear and closures are likely to fall in 2021, but we have added this to our table of uncharted closures.
Coresight Research insight: Along with the Arcadia Group entering administration (as discussed below), the failure of Debenhams underscores the vulnerability of legacy retailers with insufficient ability to adapt to a rapidly changing market. Debenhams was severely laden with debt and tied into long store leases as a result of sale-and-leaseback deals made in earlier years—both the result of decisions made under previous private equity owners, whose short-term gains came at the cost of the long-term resilience of the retail chain.Non-Store-Closure News
Arcadia Group Enters Administration Arcadia Group, parent company of Burton, Dorothy Perkins, Evans, Outfit, Miss Selfridge, Topman and Topshop, has entered administration. The company operates 444 UK stores, 22 international stores and employs 13,000 people, of which 9,294 are currently on furlough—and no redundancies have yet been announced. The firm has appointed auditing firm Deloitte as administrators. [caption id="attachment_120245" align="aligncenter" width="780"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur, and we estimate this information for some retailers, including Boots, Debenhams, H&M, M&S, Sainsbury’s, Truworth and WHSmith. Arcadia refers to Topshop and Topman banner store. McColl’s includes convenience stores and newsagents. Baird Group includes Ben Sherman, Jeff Banks and Suit Direct licensed stores among others.*Total includes a small number of retailers that each announced fewer than six store openings and are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_120246" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur, and we estimate this information for some retailers, including Aldi, B&M, H&M, Lidl, M&S and Sainsbury’s. Card Factory is based on the proportion of net existing stores in the UK.Source: Company reports/Coresight Research[/caption] 2020 Major UK Uncharted Openings and Closures [wpdatatable id=600]
Source: Company reports/Coresight Research
[caption id="attachment_120249" align="aligncenter" width="700"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for some retailers, including B&M, Burberry, Homebase, Laura Ashley, M&S, New Look and Office. Arcadia includes Topshop, Topman and Miss Selfridge banners. McColl’s includes convenience stores and newsagents.*Total includes a small number of retailers that each announced one or two store closures and are not included in the chart.
Source: Company reports/Coresight Research[/caption] [caption id="attachment_120250" align="aligncenter" width="757"]
Coresight Research attributes store openings and closures to the year in which they occurred or are expected to occur. We estimate this information for some retailers, including Aldi, Iceland, Heron Foods and M&S. Our estimate of store openings for Card Factory is based on the proportion of net existing stores in the UK. Abercrombie & Fitch includes Abercrombie & Fitch and Hollister banners. Urban Outfitters includes the Anthropologie banner. H&M includes H&M and Weekday brands. McColl’s includes convenience stores and newsagents.*Total includes a small number of retailers that each announced one or two store openings and are not included in the chart.
Source: Company reports/Coresight Research[/caption] Notes Figures represent store openings and closures that occurred, or are expected to occur, in the respective calendar years. For some retailers, store opening and closure numbers are estimated, including from part-year data, global figures or announced closure/opening programs that span multiple years. Estimates are updated as companies announce details. Figures for openings and closures are gross.